Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE) Stock Has Average Target Price of $218.73 According to Analysts

Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE) has been given a consensus recommendation of “Moderate Buy” by the eleven brokerages that are presently covering the firm, MarketBeat reports. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and eight have issued a buy rating on the company. The average 12-month price objective among brokers that have covered the stock in the last year is $218.73.

BLTE has been the topic of a number of research analyst reports. UBS Group reissued a “buy” rating on shares of Belite Bio in a report on Thursday, September 3rd. Morgan Stanley upped their target price on shares of Belite Bio from $201.00 to $206.00 and gave the stock an “overweight” rating in a research report on Friday, August 14th. Zacks Research cut shares of Belite Bio from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 18th. Canaccord Genuity Group started coverage on shares of Belite Bio in a research report on Friday, September 4th. They issued a “buy” rating and a $303.00 price objective for the company. Finally, Cantor Fitzgerald upped their price objective on Belite Bio from $266.00 to $270.00 and gave the stock an “overweight” rating in a report on Wednesday, August 12th.

Insider Transactions at Belite Bio

In other Belite Bio news, CEO Yu-Hsin Lin sold 74,435 shares of the firm’s stock in a transaction dated Friday, September 4th. The stock was sold at an average price of $187.71, for a total transaction of $13,972,193.85. Following the transaction, the chief executive officer owned 96,134 shares in the company, valued at approximately $18,045,313.14. This trade represents a 43.64% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Hao-Yuan Chuang sold 49,433 shares of Belite Bio stock in a transaction that occurred on Friday, September 4th. The stock was sold at an average price of $187.64, for a total transaction of $9,275,608.12. Following the transaction, the chief financial officer directly owned 44,000 shares in the company, valued at $8,256,160. The trade was a 52.91% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 169,062 shares of company stock worth $32,101,134 in the last three months. Insiders own 13.29% of the company’s stock.

Hedge Funds Weigh In On Belite Bio

Several institutional investors have recently modified their holdings of the business. GAMMA Investing LLC increased its holdings in Belite Bio by 5.0% during the third quarter. GAMMA Investing LLC now owns 1,771 shares of the company’s stock worth $301,000 after buying an additional 85 shares during the last quarter. Engineers Gate Manager LP lifted its holdings in Belite Bio by 11.4% during the 2nd quarter. Engineers Gate Manager LP now owns 2,773 shares of the company’s stock worth $427,000 after purchasing an additional 284 shares during the last quarter. Bank of America Corp DE lifted its holdings in Belite Bio by 104.0% during the 1st quarter. Bank of America Corp DE now owns 3,778 shares of the company’s stock worth $602,000 after purchasing an additional 1,926 shares during the last quarter. Amundi acquired a new stake in Belite Bio during the 1st quarter worth approximately $671,000. Finally, Royal Bank of Canada boosted its stake in Belite Bio by 7.9% in the 1st quarter. Royal Bank of Canada now owns 2,257 shares of the company’s stock valued at $360,000 after purchasing an additional 165 shares during the period. Institutional investors own 0.53% of the company’s stock.

Belite Bio Stock Performance

Belite Bio stock opened at $147.33 on Friday. The firm has a market cap of $5.93 billion, a P/E ratio of -53.97 and a beta of -1.23. The business’s fifty day moving average is $163.61 and its two-hundred day moving average is $157.10. Belite Bio has a 52 week low of $90.76 and a 52 week high of $200.00.

Belite Bio (NASDAQ:BLTE) last announced its earnings results on Tuesday, June 30th. The company reported ($0.54) earnings per share for the quarter. On average, equities research analysts predict that Belite Bio will post -3.08 earnings per share for the current year.

Belite Bio Company Profile

Belite Bio, Inc is a clinical-stage biopharmaceutical company focused on developing treatments for eye diseases that can cause severe vision loss. The company’s research is centered on therapies that target the visual cycle, a biological process involved in the production and recycling of vitamin A in the retina.

Belite Bio’s lead product candidate is tinlarebant, also known as LBS-008. The orally administered therapy is designed to reduce the formation and accumulation of toxic vitamin A byproducts in the eye.